General Discussion
In reply to the discussion: We need a new Democratic Party [View all]ProSense
(116,464 posts)"Obama kept the "status quo" (meaning the status quo that was created after Bush tax cuts that massively favored the wealthy) for everybody but the wealthy, who got to keep 68% of their massive tax cuts which were set to automatically expire."
What you can't seem to come to grips with is that the tax code is progressive. Therefore, if you cut taxes for people earning $250,000 or less, the rich benefit too.
"What Obama did there massively favored the wealthy over the rest of us - that is my point. And since the Bush tax cuts actually DID expire before both parties could pass another big tax break for the wealthy, then it is, in fact, a big tax break for the wealthy, because it took a status quo where the Bush tax cuts had expired and it passed a new set of permanent tax cuts that heavily favor the wealthy."
An even sillier argument. The tax cuts expired for about a day so that means Obama cut taxes on the rich.